GOING VIRTUAL: Here's how internships will work this summer at top Wall Street banks

GOING VIRTUAL: Here's how internships will work this summer at top Wall Street banks
From shortened terms to fully remote internships, banks are looking for ways to keep the summer programs up and running amid shelter-in-place conditions.Samantha Lee/Business Insider
  • Wall Street summer internships will be different this year due to the coronavirus pandemic.
  • From shortened programs to fully remote experiences, banks are looking for new ways to run their summer internships program.
  • For banks, keeping interns engaged is key to filling their full-time hiring pipeline.
  • Visit Business Insider's homepage for more stories.

Wall Street internships will look different this year as the coronavirus pandemic changes the way the firms operate.

From shortened terms to fully remote internships, banks are looking for ways to keep the summer programs up and running amid shelter-in-place conditions.

For young Wall Street hopefuls, landing an internship at a top bank is about more than a summer of schmoozing in Manhattan. It's a foot in the door for a full-time career.
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And the banks, too, rely on the pipeline of interns to fill their new analysts classes. Ideally, after 10 weeks of training, working, and networking with senior leadership, top interns will want to return the following summer as full-time employees.

Banks like Goldman Sachs and Morgan Stanley will host their interns virtually, while Citi has announced that its interns are guaranteed full-time offers upon completion of the program.

Be it a shortened program or a fully remote experience, banks need to make sure they are still attracting junior talent.
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Here's the latest on how Wall Street players are reworking their internships this summer.

Goldman Sachs

"The team is hard at work exploring existing and innovative new digital solutions to ensure you receive the engagement, mentorship, and relationship-building that make our summer internship program so special," Goldman Sachs said in a memo. Read more here:
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Goldman Sachs will host its interns virtually this summer, joining the likes of Bank of America and Morgan Stanley who are running remote programs

Goldman Sachs is delaying and shortening its summer internship, but will pay interns their full original offer

Bank of America

The internship programming will be similar to prior years, albeit virtual, Ebony Thomas, an executive in the firm's global human resources division, told Business Insider.

Read the full story here:

Bank of America's summer internship will be entirely virtual. A talent exec runs through how the bank's 2,000 global interns will learn, network, and volunteer without stepping into an office.

Citi

Citi is guaranteeing its summer interns in New York, London, Hong Kong, Singapore, and Tokyo full-time offers before their shortened five-week program kicks off this July
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Read the full story here:

Citi's head of campus recruiting explains why the bank just guaranteed full-time offers for interns, and shares its latest thinking on going virtual this summer

Read the original article on Business Insider
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